What's Your Thoughts On Me...

s7v7n · May 8, 2004

Ok guys', I am soooo confused right now that you have no idea hat to do. My situation is as follows:

I am 17 right now. I have been wanting the 05 Stang since begining of last year (as you can tell, I have been here for a while and stangnet.com). However, I turn 18 in Sept. and since the 05 will come out in Oct. I could easily be in the contract for owning my own car and having my own insurance. The thing is...will I get raped on coverages?

I found many 03-04's that I love dearly right now, but every dealership is the same...I am not 18 so the car won't be in my name...thus meaning the insurance won't be in my name...yadda yadda.

However, one salesman did tell me something interesting though. He told me that if I wait until I am 18 and go for the new stang that I am eligible for many rebates being first time buyer. He said such things as: student discounts, trading in a FORD vehicle for another gives you a discount as well, and also gives you some lower apr %'s. Is this all true? Or was he feeding me b.s.?

If this info is true, I could possibly get a great deal on an 05 stang, correct? I just need your guys' help and suggested opinions please...I am so lost!

Abel

scottie1113 · May 8, 2004

I answered you on Brad's site. Insurance is going to kill you.

SVTdriver · May 8, 2004

Yes you could probably get some decent rebates on the 05. But the reality is as has already been posted. Insurance is going to rape you. When I asked my agent about insurance on an 03 Cobra. His answer was. "You want to send me kids to college right?"

s7v7n · May 9, 2004

Yes I know, I know...insurance is gonna cost about 375$/month in my name. However, as long as I can get my payment around 325$/month I will be fine on my finaces. And apprantly what the salesperson told me was true? Then that shouldn't be a problem as I have saved up for a d/p for a while, and then good news for those rebates! How much do they give you for trading in a used FORD for a new FORD?

Rootus · May 9, 2004

Best answer ... plan on buying an '05 Mustang GT used in four years... after you have that college degree...

tylers65 · May 9, 2004

Insurance is the least of your worries. At 18, you have absolutely no credit history. This means that you are going to grab your ankles when it comes time to determine your interest rate on the purchase of a new car. Ford Credit will not finance you. You will end up having to go through a secondary lendor and they will hit you with a 20+% interest rate. You will have to work 2 jobs just to make the payment alone, and it will take YEARS to do so.

Hope you have one hell of a co-signer.

explorerguy96 · May 9, 2004

If I were you I'd had it look like my parents were payin for it for themselfs, have it under there name because then they could get the 0% APR and insurance wouldnt be as bad, which would save you alot of money, thats what I'm doing, my parents are buying me a 05 GT for graduation next spring but it will all be under there name and so will the insurance, so it will be ok, but thats what I'd do

sajawebb · May 9, 2004

s7v7n said:
Yes I know, I know...insurance is gonna cost about 375$/month in my name. However, as long as I can get my payment around 325$/month I will be fine on my finaces. And apprantly what the salesperson told me was true? Then that shouldn't be a problem as I have saved up for a d/p for a while, and then good news for those rebates! How much do they give you for trading in a used FORD for a new FORD?

There may be a reputable Ford dealership around, but the vast majority of car salesmen are in it for the biggest commission possible. So as far as trade-in value goes...you'll get the best deal selling it yourself. Blue book prices don't apply at the dealership necessarily. The manager will give the salesman a price...the salesman will skim a portion of that and add it to his commission and give you a lo-ball price for yours. Read edmunds.com for 10-steps to car buying. how much do they GIVE you??? as little as possible. it's a big money game, and no offense, but they would love to do business with YOU!

66Satellite · May 9, 2004

HairyCanary said:
Best answer ... plan on buying an '05 Mustang GT used in four years... after you have that college degree...

yep

Signal_12 · May 12, 2004

I'll be frank, you won't get financed period without a co-signer at your age unless you have 20+K to put down at signing. The mod here is right, getting financed is your worst issue.

The salesman you talked to fed you some bs. I've been selling cars for a long time and never encounted the "first time buyers program" on any car (though it does exist...$400 i believe). There is a college graduate program (another $400 i believe) and possibly the military discount if your father or mother served ($750 rebate).

Best thing for you is to get your parents involved.

Mike

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